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Thread: Dammit. Insurance question...

                  
   
  1. #1
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    Dammit. Insurance question...

    It seems that my State Farm agent screwed up when I called to ask about the cost of a second car. Since it seems that none of my myriad discounts apply to a second car, I'd end up paying as much for the 323i as for the M3. Gotta love that when I'm REDUCING their liability exposure. I pay $1000 per 6 months for the M3, but the 323 would ADD an additional $1100 per 6 months on top of that. No, that isn't a typo.

    Anyway, I'm contemplating shopping around for new insurance companies.

    First off, is there any reason that I can't have two policies with two different companies? I happen to like SF a lot apart from this, and they're pretty good about repairs. I don't particularly care about the 323, so I'm quite happy to go with a lower quality company for that car.

    Second off, anyone have suggestions/recommendations?

    I'm thinking about switching to Liberty Mutual, but thought I'd check and see if anyone knows whether or not they have DE exclusions.

  2. #2
    Senior Member jkuper's Avatar
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    Yikes! How many miles per year? I pay 1000 for both M3 and 325iS, both rated at full coverage, 7500mi/year on both. But I am also old and married This is with Allstate which is not the cheapest around.

    If I lived in MD I would get that American Collector's DE policy in a heartbeat. They don't offer it to DC folks


    -- Jason

  3. #3
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    Given my age and unmarried status, the $1000 a year for the M3 is quite reasonable as far as I'm concerned. It's the fact that they want me to pay more than double for reducing their liability exposure that pisses off. Big time.

  4. #4
    Senior Member jkuper's Avatar
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    Explain "Gotta love that when I'm REDUCING their liability exposure" How?


    -- Jason

  5. #5
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    Quote Originally Posted by jkuper
    Explain "Gotta love that when I'm REDUCING their liability exposure" How?
    When I drive the 323, I'm not driving the M3. The M3 is generally considered a riskier car.

  6. #6
    Senior Member jkuper's Avatar
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    It's also considered a new car, giving you that discount. As well as probably a safer car, reducing the personal injury coverage charge. My 1987 325 is about 200 less than M3.


    -- Jason

  7. #7
    Senior Member 1996 328ti's Avatar
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    Quote Originally Posted by Nick325xiT 5spd
    First off, is there any reason that I can't have two policies with two different companies?
    Probably. I had two auto policies with Nationwide after I totalled my 98 ti.
    1) Primary driver Mazda, Secondary driver BMW. (me)
    2) Primary driver BMW, Secondary driver Mazda (my wife)
    That was the only way I could keep my insurance.

    I don't think it will be cost effective though.
    ...steven
    BMW CCA #146825

    318ti.org | bmwcca.org/forum

  8. #8
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    Remember when comparing insurance rates that amongst club members that besides your age and vehicle that where you live is also a big factor. On average if you live in MD you payer a higher rate for coverage than in VA. Had a friend who moved from Alexandria, VA near Landmark Mall to Chuck County her insurance almost doubled. How close you are to DC and your zip code are very important. If you have a place at the mountains or the beach consider using that address.

  9. #9
    Senior Member AlfaEric's Avatar
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    As Jason mentioned... Consider American Collector's DE policy.

    If possible register the M3 as a weekend vehicle and the 323 as the daily driver. This will depend on how many miles you put on the vehicle. Usually they have a limit of 4-6000 miles. If you take your long trips on the other car and plan ahead you can probably keep below the mileage restrictions. Talk to your insurance agent to see what other restrictions they put on weekend vehicles.

    If you have any points or accidents on you license you might want to wait a couple years before switching (or so I've been told). You insurance company may keep points on your record for up to 5 years but I think the state only keeps them for 2-3.

    ---Eric


    Single handedly lowering the pax for MT

  10. #10
    Senior Member 1996 328ti's Avatar
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    Quote Originally Posted by AlfaEric
    As Jason mentioned... Consider American Collector's DE policy.
    That is supplemental insurance only. There is a 20% deductible althoughyou can write the policy for whatever you want to declare. My policy isfor $16000 and costs $240. It insulates you from your primary carrier.If I have a major loss at the track, my primary insurance will remainintact.
    Last edited by 1996 328ti; 02-08-2005 at 10:57 PM.
    ...steven
    BMW CCA #146825

    318ti.org | bmwcca.org/forum

  11. #11
    Senior Member AlfaEric's Avatar
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    Quote Originally Posted by 1996 328ti
    That is supplemental insurance only. There is a 20% deductible althoughyou can write the policy for whatever you want to declare. My policy isfor $16000 and costs $240. It insulates you from your primary carrier.If I have a major loss at the track, my primary insurance will remainintact.
    Exactly. He could switch the liability/collision options if the vehicle isn't driven on the street (often) to offset the cost. I don't know his driving needs so I really can't suggest anything beyond this.

    ---Eric


    Single handedly lowering the pax for MT

  12. #12
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    I'm not eligible for the American Collector's policy. I've had my license for less than ten years. (And I'll be moving into DC next year anyway.)

    The online quoter for Liberty is telling me $2500 for both of my cars, vs. the $4200 that SF wants, so I'm probably going to wander over to an agent's office (two blocks down from my office) tomorrow at lunch.

  13. #13
    Senior Member jkuper's Avatar
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    Quote Originally Posted by 1996 328ti
    That is supplemental insurance only. There is a 20%deductible althoughyou can write the policy for whatever you want todeclare. My policy isfor $16000 and costs $240. It insulates you fromyour primary carrier.If I have a major loss at the track, my primaryinsurance will remainintact.
    Right, I suggested it because it would let him have more options with carrier selections

    Quote Originally Posted by Nick
    I'm thinking about switching to Liberty Mutual, but thought I'd checkand see if anyone knows whether or not they have DE exclusions.


    -- Jason

  14. #14
    Senior Member SMOODY's Avatar
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    Wow! I guess this is one benefit of getting older. I pay about $1000 per YEAR for all three of my vehicles.

    I have Allstate and they give me a multi-car discount for each of the cars. I also have the convertible registered as a low mileage vehicle which they gave me a discount for.

    I would call your insurance agent and make sure that they have accurate yearly mileage estimates for the 2 cars. If you did not expressly inform them that the M3 will not be driven as much, then I doubt they would change the annual mileage estimate. The lower the mileage estimate, the lower your premium should be.
    2001 330i (my car)
    2004 Audi Allroad (wife's car and family truckster)

  15. #15
    Senior Member Pete's Avatar
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    I too have the same setup as Smoody where my BMW is registered as a pleasure/limited use vehicle (I believe the mileage is limited t0 ~7K/year) and my Jeep as the primary driver. My rates when I set this up did not go up as dramatically as yours, they stayed almost same (~$10/year higher?) as I was no longer classifying my BMW as the pirmary car.

    Talk with your agent and clarify that is how they calculated your rates because it seems high.

    Pete

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